Differences in competencies Essay Example | Topics and Well Written Essays - 750 words

Differences in competencies - Essay Example These differences emerging can be clearly seen at various patient are situations for example variations in approaches to decision-making or nurse care. One patient care situation that brings out differences in nursing care among ADN and BSN nurses is cardiac care units. Baccalaureate nursing care approaches include altruism, values of autonomy, integrity, social justice, human dignity and unconditional regard for all patients. Their nursing practice include disease prevention, health promotion, early detection of human health deviation, quick and adequate treatment of chronic and acute illnesses as well as compassionate care for people nearing death. As a result of their training, BSN nurses are able to respond to more demanding patient care tasks like those witnessed in the cardiac care units. Johnson (1988) state that BSNs are associated with lower rates of failure-to-rescue and mortality rates. These can be attributed to their good nursing care approaches like quick and adequate t reatment of chronic and acute illnesses. Research conducted in various cardiac care units reveal that there were 4.9 fewer deaths for every 1000 patients in those hospital intensive care units (ICUs) where a large proportion of nurses had a bachelor’s degree (Van den Heede, 2009). ... These indicate higher level of clinical support among the BSNs compared to other types of nurses like the ADNs. An emphasis on compassionate care for patients indicate a higher level of promotion of human dignity among the BSN nurses. BSNs make a higher utilization of protocols or care maps in order to guide patient progress during their hospitalization period. This presents a scientific and more systematic nursing approaches among the BSN. In their efforts to maximize on patient autonomy and human dignity, BSNs emphasize on teaching patients on how skills for taking care of themselves in relation to their type of disease or medication, and adopting a healthy lifestyle. Emphasis on healthy lifestyles is an incorporation of prevention measures with treatment. It prevents the progression of the disease or emergence of other diseases that can worsen the present condition. Due to their level of education, the BSNs have a higher level of expertise as compared to the ADNs. It should be not ed that BSNs take four years to receive their Bachelor of Science in Nursing degree while the ADNs take 2-3 years to receive their degree. BSNs undertake their studies in universities and senior colleges whereas ADNs undertake their studies in community colleges. As a result of their levels of expertise, the BSNs are more competent case management as compared to ADNs. This is can also be linked to their high levels of scientific, critical-thinking and leadership skills. Due to the superior level of competency among the BSN, ADNs can work under BSN and but the BSN cannot work under the BSN. BSNs are more capacitated in working under a variety of inpatient and outpatient environments as compared to

Competition Bikes, Inc. (CBI) Financial Analysis Report Essay Example for Free

Competition Bikes, Inc. (CBI) Financial Analysis Report Essay In order to determine a company’s performance, analysis must be done for key metrics, including the ability to pay debts, how much cash or other liquid assets are available, and the company’s viability to continue operations. These analyses involve the review of income statements and balance sheets, where current and past performance will be studied with the goal of predicting how the company will perform in the future. Upper-level management at CBI can use this information to make decisions in line with the company’s goals. This report for CBI will include four sections. First, I’ll analyze the company’s financial strengths and weaknesses by doing a horizontal analysis, vertical analysis, trend analysis, and ratio analysis of CBI financial results for years 6, 7, and 8. The second section will include an analysis of the company’s working capital, including suggestions on ways to improve working capital and use excess working capital to increase profits. The third section will note any weaknesses in the company’s internal controls, and how those can be corrected. The fourth and final section details Sarbanes–Oxley requirements and how the company can mitigate risk and ensure compliance with the requirements within that legislation. A1a. Horizontal Analysis Horizontal analysis is defined as the â€Å"comparative study of a balance sheet or income statement for two or more accounting periods, to compute both total and relative variances for each line item† (businessdictionary.com, n.d.). For CBI, we will be comparing years 6 and 7, then years 7 and 8. This will allow us to gauge the performance over a three year period of time to see if the organization’s business is rising, staying steady or falling. Net sales for CBI products increased 33.8 percent between years 6 and 7. This is a sign of strength for the company and a signal that their bikes are well received by customers. However, net sales dropped by 15% between years 7 and 8. This is a weakness for CBI, as net sales affect the bottom line, and they will have to find a way to make up for this sales shortfall elsewhere in their budget (such as cutting expenses). This shortfall is due to the fact that the niche market that purchases the majority of the bikes, professional riders, experienced a reduction in sponsorships due to the economic situation. Therefore they purchased fewer bikes than in previous years. The company expects to recover from the current year sales decline within three years. The cost of goods sold includes all direct costs attributable to the production of goods sold by the company. Cost of goods sold and sales revenue move in tandem. In this case, the cost of goods sold increased 31.8 % between years 6 and 7. The cost of goods sold increase was slightly lower than the net sales increase of 33.3%, which is a sign of strength for CBI as it indicates that management is doing a good job keeping production costs at a manageable level. In years 7 and 8, the cost of goods sold decreased by 14.5%, which is similar to the decrease in net sales, down 15% in that same time period. Gross profits, which is net sales less the cost of goods sold, increased by 37.5% between years 6 and 7. This is a strength for CBI. An increase such as this signals that management has made a strong commitment to growth while at the same time controlling the operational and production costs. Gross profit was down by 16.3% between years 7 and 8. This is a result of falling sales in the current year. Under General and Administrative expenses, there are two areas of interest that warrant further analysis executive compensation and utilities. Executive compensation rose by 29.4% in years 6 and 7, which makes sense given the strong sales increase during that period. Executives made good business decisions during this time and should be compensated for these results. However, executive compensation stayed flat during years 7 and 8. Granted, sales and profits were down for the year, so a large increase would not be warranted. However, no increase in compensation could be considered a weakness for CBI, as salaries and compensation are a significant tool to keep talent. Morale may suffer if after a year’s worth of hard work, they get no increase at all. Utilities were up a modest 3.8% between years 6 and 7, with an increase to 11% between years 7 and 8. With CBI building fewer bikes in year 8, a reasonable assumption is that utility usage would decrease also. Therefore this increase in utilities should be examined further. Some of this increase could be beyond CBI’s control (such as rate adjustments by the utility company) but a couple of options for the company to explore to manage this expense and be more efficient would be an energy audit, and/or negotiating with the utility company to pre-pay their utilities for a certain time period to get a discount. Operating income is the amount of profit realized from operations after removing operating expenses such as the cost of goods sold and employee salaries. For CBI, operating income increased strongly (154.6%) between years 6 and 7. However, operating income between years 7 and 8 is strongly negative, with a 69.1% decrease. This is due to the fact that gross profits dropped by 16.3% during this time period, but total operating expenses decreased by only 3.6%. This is not sustainable over the long term and is a weakness for CBI. They need to reduce their production expenses wherever possible, become more efficient in their operations, and find ways to increase sales revenue – ideally, a combination of these. The last item on the income statement is net earnings – the so-called ‘bottom line’ both as a reference to its position on the income statement, and a reflection of the fact that total revenues minus total expenses. CBI’s net earnings rose a remarkable 313.4% between years 6 and 7, which is a reflection of the fact that profits grew at a much higher rate than expenses during that period. Net earnings declined by 81.6% between years 7 and 8, which is due to total revenues dropping to a greater extent than total expenses. This is a weakness for CBI as it is not sustainable for long before the company runs out of money. As mentioned previously in the operating income section, this is an issue that CBI’s management team must address if they want to stay in business. Cash and cash equivalents declined 64.6% between year 6 and year 7. This is a weakness for CBI, particularly in light of the fact that sales were up during that period. The company should have more cash or cash equivalents on hand, not less. In years 7 and 8, cash and cash equivalents increased by 348.2% this during a period where net sales were down by 15% compared to the previous period. While this appears on the surface to be a positive – as cash and cash equivalents help with the company’s liquidity – it can actually be interpreted as a weakness as CBI’s large amount of cash and cash equivalents may make some analysts question the company’s ability to manage their cash flow in a way that maximizes profits and efficiency. CBI’s accounts receivable, which represents money owed to them by their customers, increased by 164.3% in years 6 and 7. While accounts receivable are classified as assets, this is a potential weakness for CBI as it signals that a lot of the assets they are claiming on the balance sheet are tied up in receivables that are not as liquid – they have not yet received payment. Accounts receivable was -15% in years 7 and 8. This reduction is a strength for CBI as it signals that they are improving their cash flow by more effectively collecting money owed to them. The large scale change in numbers year over year for both cash/cash equivalents and accounts receivable at CBI signal volatility year over year. This could be a red flag for investors looking for consistent levels of performance. CBI also might find it difficult to continue to hire the best salespeople, who work on commission and are likely looking for a company with solid sales that will provide a steady paycheck. Total current assets, or those that are reasonably expected to be converted to cash within one year in the course of business, include cash, inventory, accounts receivable, marketable securities, prepaid expenses and other liquid assets. CBI’s current assets rose 31.5 percent from year 6 to year 7. Growth in current assets is generally regarded as a strength and a sign the company is growing. However the picture changes when current liabilities for the same period are analyzed, which I will do in the next section. Total assets represent total current assets plus net property and equipment and give a complete picture of all short term and long term assets. Total assets for CBI increased by 2.2% between years 6 and 7, due in large part to the large increases in accounts receivable and work in process inventory. When a large amount of accumulated depreciation was factored into assets, it brought the total assets figure down substantially. Between years 7 and 8, total assets decreased by 0.2%. After reviewing the balance sheets I noted that while current assets decreased substantially between years 6 and 7, then 7 and 8 (down 15%), long term assets stayed flat (down 0.5% over the same period). Overall, assets, liabilities and stockholder’s equity were all down between years 6 and 7. This is a weakness for CBI as investors will review these negative numbers and question the company’s ability to be profitable and grow. Total current liabilities are debts that are due within one year in the course of business. They include accounts and notes payable, accrued salaries, and other accrued expenses. Current liabilities increased by a whopping 122.4% between years 6 and 7, largely in part to the large increase (192%) increase in accounts and notes payable. Between years 7 and 8, accounts and notes payable increased by 33.3%.This is a serious weakness for CBI, as it signals that they are taking on a disproportionate amount of debt compared to their sales growth rate. CBI would need to generate substantial sales increases in future years to pay the interest on this debt and continue to cover their expenses. The fact that total current liabilities continue to trend upward year over year while sales actually went down between years 7 and 8 is a warning sign. CBI could have trouble meeting its debt obligations (and getting any further funding from creditors) if sales are flat or continue to trend downward. Total long term liabilities – those that come due more than one year in the future – are holding steady at CBI, decreasing 5.6% between years 6 and 7, and decreasing by 5.9% between years 7 and 8. This is a sign of strength for CBI as it shows they are managing their long term debt responsibly. Retained earnings represent the amount of assets created through profits that are retained in the business and are part of owner’s equity. Retained earnings increased by a healthy 17.4% between years 6 and 7, which makes sense given the strong sales results. Retained earnings rose by only 2.7% between years 7 and 8, which is not surprising in light of the fact that sales are down in the current year. This decrease is a weakness for CBI, as retained earnings is part of stockholder’s equity. Those invested in the company (or those considering doing so) will note the sharp decrease in funds available for reinvestment in the company and possibly question the prospects for growth unless the company can turn things around quickly. A1b. Vertical Analysis Through a vertical analysis, we review entries for assets, liabilities and equities. These are represented as a percentage of the totals for any given year. The main advantage of a vertical analysis is that it is easy to read, clearly understandable and charts changes in the operations of a business on a yearly basis. By reviewing vertical analysis data, a person can see financial performance over a set period of time. Cost of goods sold decreased from 73.4% of net sales in year 6 to 72.6% in year 7. This is a strength for CBI because a reduction in CGS leads to higher profit. This is evidence that management is doing a good job controlling product costs. In year 8, CGS increased slightly to 73% a minor increase but this could be considered a weakness for CBI as it signals that the costs to produce their bikes are going up. Gross profit was 26.6% of net sales in year 6, and increased to 27.4% in year 7. This is a strength for CBI as it signals that the company is doing a good job of selling their product and keeping costs at a manageable level. In year 8, Gross Profit dipped slightly to 27%. This is because the cost of goods sold went up slightly during this time, and sales were down. A gross profit reduction is normally a weakness; however, in light of the 15% decrease in sales in year 8, the fact that gross profit only decreased by 0.4% from the previous year should be considered a strength for CBI as it indicates that the company has minimized the impact of the sales downturn on their gross profit margins. Upon reviewing the general and administrative expenses, all of the line items followed the trend of decreasing as a percentage of the total in year 7, and then increasing as a percentage of the total in year 8. This makes sense given that these expenses are part of the cost of goods sold figure. One example is the ‘Other general and admin expenses’ which was 2.7% of the operating expenses total in year 6, decreasing to 2.6% in year 7 and then increasing to 3.3% in year 8. While these make up small percentages in the company’s overall operations budget, this is a weakness for CBI, as these types of expenses should not be going up if there are not sufficient sales to support the increase. CBI management should keep an eye on these expenses to ensure they do not creep up year over year, which would have a negative effect on their profit margins. When looking at the individual numbers, for example administrative salaries, we see that there is no change in the percenta ge of the total between year 7 and year 8. Administrative salaries did not increase at all in year eight, and neither was executive compensation. This could be a weakness from an employee morale standpoint, as they worked hard all year and did not see any raise in their pay. However, this data is not surprising given the difficult economic conditions in year 8. There was a purchase of 25,000 shares treasury stock in year 7, and it’s possible that management offered this stock to employees in lieu of a pay increase. Operating income was 2.8% of the total in year 6, increased to 5.3% in year 7 and decreased to 1.9% of the total in year 8. The decrease in year 8 is largely due to the increase in operating expenses, which factors into the operating income equation. The fact that CBI’s operating expenses are trending up year over year without accompanying sales increases is a negative trend for CBI and should be considered a weakness. This is something the company’s management should be monitoring closely and taking action to control expenses and promote sales. Net earnings were 0.9% of the total in year 6, rising to 2.8% in year 7 (not surprising given the increase in sales) and decreasing to a three year low of 0.6% in year 8. Since this bottom line number is a key indicator of a company’s profitability, this decrease should be something that the company’s management should make a top priority to fix. Cash/cash equivalents were 6.2% of total assets in year 6, decreasing to 2.2% in year 7. This is a weakness for CBI as this is a sign that the company may have trouble paying their debts and expenses. In year 8 this figure improved substantially to 9.7% of total assets. However, the company needs to make sure they are not sitting on too much cash, but investing it to grow the company and maximize profits. Accounts receivable represented 6.5% of total assets in year 6, and increased dramatically to 16.7% in year 7. Although accounts receivable is considered an asset, it should be noted that the cash is not collected right away. This asset is less liquid than cash or other short term assets and CBI should ensure that they are collecting payment from customers in a timely manner. Accounts receivable decreased slightly to 14.2% in year 8, which would be interpreted as strength as it indicates that CBI is doing a good job collecting payments from customers. Total current assets represented 24.5% of total assets in year 6, rising to 31.5% in year 7 and 36.8% in year 8. Reviewing the line items for current assets, this increase is attributable to the increase in accounts receivable as well as cash/cash equivalents. This could be interpreted as a strength for CBI, as an increase in current assets means the company is in a better position to pay debt obligations and use assets to grow the company. However, it’s worth noting that the majority of CBI’s current assets are tied up in less liquid assets – accounts receivable and inventory. These are more difficult to convert to cash should the need arise. Total long term liabilities (mortgage payable and other long-term liabilities) decreased steadily year over year at CBI. In year 6 they represented 45% of total liabilities and equity, decreasing to 41.6% in year 7 and 39.2% in year 8. This is a strength for CBI as it shows they are paying down their long-term liabilities. A reduction in liabilities improves liquidity ratios and the company’s ability to pay operational expenses as well as their debt obligations. Total current liabilities for CBI followed the trend of current assets and rose steadily year over year – 2.5% of total liabilities and equity in year 6, 5.4% of total liabilities and equity in year 7, and 7% of total liabilities and equity in year 8. Looking more in-depth at CBI’s current liabilities shows that this increase year over year is due to the rise in accounts and notes payable. The other line items (accrued salaries and other accrued expenses) held steady. I interpret this as a weakness for CBI, and should analyze why their current liabilities were rising when they were collecting more cash, particularly in year 8. The cash flow increase in year 8 was substantial and could have been used for accounts payable obligations. It’s possible that the company was holding on to cash/cash equivalents in year 8 to weather the economic downturn. Retained earnings represent earnings not paid out as dividends, but retained by CBI for reinvestment in the company. Retained earnings represented 23.3% of total liabilities and equity in year 6, rising to 26.8% in year 7 and 27.5% in year 8. This is a strength for CBI as it shows that management is committed to retaining earnings in order to grow the company. A1c. Trend Analysis Trend analysis involves the usage of past figures for comparison. For trend analysis, information for a number of years is compared to a base year. Each item of the base year is represented as 100% and on that base, the percentage for the other years are computed. This analysis determines the percentage of increase or decrease in each item with respect to the base year and helps analysts make forecasts for future years. For CBI, net sales have been provided for year 6 (the base year) as well as years 7 and 8. The historical trend analysis figures for CBI are shown below, based on net sales and establishing year 6 as the base year. Year 6: $4,485,000 (100% trend percentage) Year 7: $5,980,000 (133.3% trend percentage) Year 8: $5,083,000 (113.3% trend percentage) This trend analysis does not show any surprises. The horizontal and vertical analysis clearly showed that various metrics (net sales, operational expenses, net income, etc.) showed a large increase from year 6 to year 7, followed by a decrease between years 7 and 8. The trend here shows a large net sales increase, followed by a decrease. The large swings in sales seem to indicate volatility for CBI. This is a weakness because it’s more difficult to forecast accurately, which can lead to inaccurate resource planning and negative stock price impacts if performance does not meet stated expectations. The forecasted trend analysis for CBI, using year 8 as the base year is shown below: Year 8: $5,083,000 (100%) Year 9: $5,247,450 (103.2%) Year 10: $5,471, 000 (107.6%) Year 11: $5,681,000 (111.8%) There’s no information given on how these forecasted trend numbers were calculated. It’s a positive sign that the sales increases are only a few percentage points each year, as this is much more sustainable and likely than a large increase such as between years 6 and 7 (which is generally not sustainable in the long run). This forecast would seem to indicate that the outlook is positive for CBI for the next few years. It’s likely that one of the underlying assumptions is that the economic situation will improve, and the company will sell more bikes. However, given the operational weaknesses pointed out in the horizontal, vertical and ratio analysis, if I were an investor or analyst I would want to know more about the company’s plans to address the se weaknesses before taking these figures at face value. A1d. Ratio Analysis As part of the ratio analysis, two important ratios to consider when analyzing a company’s liquidity are: Current Ratio Acid-Test Ratio The current ratio is current assets divided by current liabilities, and measures a company’s ability to pay their short-term liabilities. In theory, the higher the ratio the better. However, there are some limitations to the current ratio as I’ll note in the next section. CBI’s current ratio in year 7 was 5.79, and in year 8 was 5.25. Stated another way, CBI could use their current assets to pay their current liabilities 5.25 times over in year 8. This would seem to be a strength for CBI, and in fact this ratio is higher than their competitor Two Wheel Racing (with a ratio of 4.20). However, this ratio has one fundamental flaw its conceptually based on the liquidation of all of a companys current assets to meet all of its current liabilities. In reality, this is not likely to occur. Its the time it takes to convert a companys working capital assets into cash to pay its current obligations that is the key to its liquidity. Much of CBI’s current assets are tied up in accounts receivable, as well as work in progress inventory and raw inventory. These assets are not as liquid as cash, but are figured into the current ratio calculation. So CBI’s high current ratio looks strong on the surface, but upon further analysis there is a weakn ess in the somewhat large proportion of less liquid assets CBI holds that factor into the equation. The acid test ratio is another measure of liquidity, and more stringent than the current ratio in that it measures a company’s ability to cover their short term liabilities without selling inventory to do so. Looking at CBI’s numbers, the acid test ratio in year 7 was 4.41, and in year 8 it was 4.14. These numbers are higher than that of their competitor Two Wheel Racing (3.40) and that represents strength for CBI. However, I’ll note once again that the company will need to monitor and manage their current assets to ensure that the proportion of less liquid assets (accounts receivable and inventory) does not greatly outweigh their more liquid assets (such as cash). Average collection period is the time that it takes CBI to collect accounts receivable payment from customers. This number held steady at 43.8 days in years 7 and 8. However, it’s higher than that of competitor Two Wheel Bikes (32.5 days). This is a weakness for CBI, as it signals that the company may be too lax in collecting what’s owed to them and may eventually have difficulties meeting their short-term and long-term obligations. CBI should focus on strategies to reduce the time it takes to collect on accounts receivable. The debt ratio represents the total percent of assets financed by debt, and is calculated by dividing total liabilities by total assets. In year 7, 47% of CBI assets were financed by debt, which decreased slightly in year 8 to 46.2%. However this number is still substantially higher than that of their competitor, Two Wheel Bikes, at 38%. This is a weakness for CBI, and if they cannot bring this ratio down by increasing sales and profits to pay down some of their debts, they may have trouble paying their debt obligations. Gross profit margin for CBI was 27.4% in year 7 and 27% in year 8. This is lower than that of their competition, Two Wheel Racing at 32.1%. This is a weakness for CBI, as it signals that they are not as efficient as their competitors. CBI could improve this ratio by decreasing expenses, which would in turn decrease the cost of goods sold. Another way to improve this ratio would be to increase revenues. The operating profit margin for CBI differed substantially from year 7 to year 8. In year seven the figure was a healthy 5.3%, but in year 8 it dropped sharply to 1.9%. This is a weakness for CBI as this is a lot lower than that of Two Wheel Bikes (5.2%) and this signals that CBI is not doing a good job generating cash flow and providing shareholder value. One way CBI could improve their operating profit margins is by auditing their operating expenses and trimming costs wherever possible. An example would be adopting lean work processes with as little waste as possible. The raw materials inventory in particular should be reviewed to see if efficiencies could be gained by improved internal controls for inventory. Net profit margin is the percentage of each dollar earned that is translated into profits. CBI’s net profit margin in year 7 was 2.8%, and a dismal 0.6% in year 8. These numbers are much lower than those of the competition (Two Wheel Racing had a margin of 5.2% in year 8) and are a definite weakness for CBI, as companies with low net profits can go bankrupt in the event of a sustained downturn. This low number signals that the company is not running their operations efficiently and would be a red flag for investors. Earnings per share is an indicator of a company’s profitability and ability to generate shareholder wealth, and is the most important factor when determining the company’s share price. As the name suggests, it’s the earnings that the company generates per share outstanding. In year 7, CBI’s EPS was 0.17, or 17%. In year 8 that figure declined to 0.03%, which is nearly zero. This is a serious weakness for CBI as it suggests that the company is not doing a good job of generating wealth for shareholders, and this could lead to a selloff of the stock. In a worst case scenario, the stock price would decrease and the company could go out of business. Return on total assets is an indicator of how effectively a company is using its assets to generate earnings before contractual obligations must be paid (Investopedia.com, n.d). In year 7 CBI had a 4% return on assets, slightly lower than that of their competitor Two Wheel Bikes (at 4.8%). In a year where sales were up 33.3% from the year before, investors might expect a higher return. As I’ve pointed out in other sections, the reason this number is not higher is because CBI did not do the best job keeping their expenses under control. In year 8 the number is even worse – a dismal 0.7%. This is a weakness for CBI overall as it shows the company has some work to do to control expenses and use their assets effectively. Return on common equity measures how much profit a company generates with the equity shareholders have invested. This ratio is calculated by subtracting preferred dividends from net income, then dividing that number by common equity. CBI’s return on common equity was 7.5% in year 7, and decreased sharply to 1.4% in year 8. This is much lower than that of the competition – Two Wheel Racing’s ratio was 8.1% and is a weakness for CBI. This signals that the CBI is not doing a good job generating profit from the equity shareholders have invested, and it could lead to a stock sell off or investors demanding that measures be taken to increase equity returns. Financial analysts and investors would likely not have much confidence in these numbers. The price/earnings (P/E) ratio is a measure of the valuation of a company’s share price compared to its per-share earnings. Price/earnings ratios are tied to investor expectations. Investors are willing to pay more if they believe that future earnings will be substantially higher. On the other hand, if a company is stagnant and investors dont believe that future earnings will be going up, they will not want to pay as much and the P/E ratio will be lower. CBI’s P/E ratio in year 7 was 29.41. This means that investors would be willing to pay $29.41 in share price for every $1 in earnings. This is a strength for CBI because it suggest investor confidence in the company, which typically leads to an increase in share price. However, in year 8, the P/E ratio declined to 23.33. This is due to the company’s lackluster sales and operational performance in year 8. This is definitely a weakness for CBI – if investor confidence continues to decline, the share price will decline also. Times interest earned represents the number of times operating income can cover interest expense. CBI generated enough profits in year 7 to cover their interest expense 5.27 times. This number is a strength for CBI as it demonstrates that the company is doing a good job of generating income while keeping expenses at a manageable level, and is higher than the 4.24 figure from their competitor, Two Wheel Racing. However, the times earned interest ratio in year 8 is only 1.77, mainly due to the large drop in net income in year 8. This is a weakness for CBI as sales and profits decreased, while interest expenses did not drop in proportion. CBI needs to do a better job managing their operating expenses, which will improve this ratio. A2. Working Capital Analysis for CBI An important measure of a company’s efficiency and short-term financial health is the amount of working capital they have on hand. This is one measure of the company’s liquidity, and the ability to meet short-term (current) debt obligations with current assets. Working capital is used for day to day operational expenditures to pay bills of the business including employee wages, utilities, and rent, among others. This number is calculated by subtracting current liabilities from current assets. Investors view working capital as measure of a company’s operational efficiency. In general, companies with greater amounts of working capital are better able to achieve success by investing assets back into the business, rather than hanging on to non-cash assets in large amounts. While a business may have a large amount of assets, it may be very difficult to convert them into cash in order to take advantage of opportunities that require fast action – an example of this is an asset such as land or buildings. If current liabilities are greater than current assets, a working capital deficit is created, and a business cannot survive long-term in this scenario. Working capital numbers for CBI: Year 6 1,029,303 – 105,080 = 924,223 (9.79 current ratio) Year 7 1,353,044 – 233,700 = 1,119,344 (5.79 current ratio) Year 8 1,575,831– 300,200 = 1,275,631 (5.25 current ratio) CBI has been steadily increasing their working capital in years 6-8, with a 21.1% increase from year 6 to year 7, and a 14% increase from year 7 to year 8. This consistent rise in working capital confirms that the business has sufficient working capital to cover their short-term liabilities and invest for future growth of the company. One thing to note here is the large increase in current liabilities from year 6 to year 7 (82%) when assets rose by only 21.1%. This is largely due to the large increase in accounts and notes payable. Large increases in liabilities such as this are not a negative per se and can signal that the company is investing for growth, but should be monitored over time to make sure the company does not become overleveraged. The ideal scenario is if the increases in assets and liabilities are more proportionate (rising at a similar rate). Working capital is related to the current ratio, which measures the company’s ability to pay current liabilities with current assets. It’s calculated by dividing total current assets by total current liabilities. This ratio should be at least 1, which means the company has exactly enough capital to pay its short term liabilities, with no excess cash. It’s preferable if the ratio is higher than 1. However, a ratio that is much higher than the average could be considered a weakness, as it may signal that the company has too much inventory on hand, is slow to collect on accounts receivable, or that they are hanging on their excess cash rather than investing it for future growth. It’s important to note that working capital ratios vary widely between industries; when analyzing a company’s working capital ratio, a comparison to the average ratios for the overall industry should be included in the analysis. CBI’s current ratio was very high in year 6 – 9.79. This means for every $1 in liabilities, the company had $9.79 in assets. On the surface this appears to signal strength, but this could actually be considered a weakness for CBI as it suggests that they are holding on to cash and liquid assets and not investing to grow the company to its full potential. In years 7 and 8, the current ratios decreased to 5.79 and 5.25, respectively. This is largely due to taking on additional short term liabilities (accounts and notes payable). The ratio in years 7 and 8 is much closer to the ratio of their closest competitor, Two Wheel Racing and suggests that the company is moving toward using their current assets more effectively. If CBI can keep operating and goods costs under control and not overleverage themselves, the taking on of additional debt could be considered part of the cost of doing business and part of their growth strategy, i.e. a positive development. Working capital could be improved in the following ways: 1. Decreasing the amount of liabilities in short term debts such as accounts and notes payable. 2. Converting short term debt to long term debt to free up funds for investment. 3. Increasing efficiency via internal process improvements, thereby reducing expenses and increasing profits. Examples include shortening accounts receivable collection periods (CBI’s are longer than that of their closest competitor) and consolidating sales offices. 4. Issuing stock to generate capital for investment in assets that will help the company grow, such as the purchase of a new distribution center or bike assembly location. Excess working capital (liquid assets) could be invested in the following ways to increase profits: 1. Internal systems updates such as new, faster computer systems for employees or manufacturing equipment. This investment has the benefit of improving efficiency. 2. Investing in people – hiring new talent as well as training the salespeople already working for the company. 3. Investing in marketing and advertising to create compelling sales promotions and get the word out about CBI. Since the company’s sales are largely through word of mouth advertising, there is considerable untapped sales potential. A3. Evaluation of the internal controls for the purchasing system at CBI After reviewing the purchasing system for CBI, there are a few weaknesses in the internal controls that the company should address to mitigate risk and increase efficiency. 1. No receiving department currently exists to monitor incoming shipments from suppliers. Having no internal controls in place for this step in the supply chain is a weakness for CBI. This can result in an increased risk of incorrect orders being processed, resulting in unused parts being sent to the raw materials inventory stores as noted in the storyline. These parts must be written off the books if they are not used in the current year, and this costs the company money. The other impact is damaged orders being accepted by the company. If orders are monitored upon arrival and found to be damaged, CBI can contact the supplier immediately to remedy the situation. This will minimize costly delays in production since errors are caught earlier in the supply chain, and the company can save money if they have ensured that all orders are accurate and undamaged before payment is sent to the supplier. 2. The purchasing department’s procedure for selecting suppliers is not as robust as it should be. Checking for three sources of similar quality, as noted in the storyline, is a good start but not sufficient to ensure good internal controls. Suppliers should be vetted in a selection process using criteria defined and documented by CBI. If this is not done, it could lead to increased risk of fraud (collusion between the CBI Purchasing manager and the supplier, for example). 3. The purchasing manager is responsible for multiple related responsibilities; in this example, selecting the supplier, placing the order and sending the supplier’s invoice to the accounting department. There is not sufficient separation of duties throughout the purchasing process. A3a. Weakness Corrective Actions The following scenario illustrates what a purchasing procedure policy with good internal control procedures in place could look like for CBI. 1. The production department evaluates existing inventory of raw materials, then creates a list of raw materials they need for the next month and sends it to the purchasing manager. 2. The purchasing manager gets the list and consults with the policies and procedures manual for the raw materials. The manual instructs the purchasing manager to consult the trade journal for the industry, which contains a list of suppliers for the raw materials requested. 3. The purchasing manager should review the supplier list to ensure there’s no conflict of interest (such as close friends/relatives working for any of the suppliers on the list, stock ownership in any of the companies, no gifts accepted from the companies). If there are conflict(s) of interest for any of the suppliers, they should be removed from the list. 4. The purchasing manager should then review the Better Business Bureau (BBB) list for the remaining suppliers to see if any complaints have been registered during the past y ear. Suppliers with complaints registered with the BBB should be removed from the list. 5. The purchasing manager should contact the remaining suppliers to request competitive bids. Once they are submitted, the bids should be reviewed and the lowest competitive bid selected. 6. Once the bid is selected, the purchasing manager should send a purchase order to the selected bidder. Once this is done, the purchasing manager’s job is complete. 7. The supplier sends the shipment to the company; upon arrival it is taken in by the CBI receiving department for inspection and documentation. A shipping note is generated by the receiving department which details each item and can be used to confirm that all items that were ordered actually arrived. 8. A copy of the shipping note is sent from the receiving department to the accounting department, and accounting will compare that note with the invoice from the supplier requesting payment. They cross check these two documents to ensure they match. 9. Once accounting has ensure these documents match, they write a check to the supplier and the process is complete. A3b. Risks All of the weaknesses, if not remedied, increase the risk of fraud. An example of this would be the purchasing manager colluding with the supplier to send an invoice with inflated numbers to accounting, which would result in overpayment to the supplier that does not reflect an accurate order. In a worst case scenario, if the record keeping is weak and the employees are able to subvert the system and falsify the documents, then financial statements based on numbers in these documents are no longer accurate. Experienced financial analysts who review the company’s financial statements will immediately know that something isnt right with the numbers, and will sell the stock, leading to a drop in stock price. If this is left unchecked it can result in the downfall of the company and/or criminal prosecution of the company’s financial executives. Given these risks, it would be very prudent for CBI’s management team to take an in-depth look at the internal controls for p urchasing and make adjustments to correct the weaknesses. A3bi. Risk Mitigation In the proposed purchasing system in section A3a, there are two ways that the identified internal control risks are mitigated. First, there’s a good separation of duties – this avoids the situation where one employee is responsible for multiple related responsibilities (which can lead to greater temptation for fraud). An example of this is in step #7. The purchasing manager is not involved in this step; they were directly involved in the placement of the order and so should not also be in charge of receiving the order or generating the shipping note (therefore maintaining separation of duties). Second, there are also multiple checks and balances to ensure accuracy for orders, as well as documentation for each step to ensure good records are kept. Accounting will then have accurate numbers on which to base their financial reporting, minimizing the risk of material misstatements on their annual or interim financial statements. A4. Analysis of compliance with Sarbanes–Oxley requirements An important piece of legislation related to financial reporting and internal controls for publicly traded companies is the Sarbanes-Oxley Act (SOX). After several highly publicized accounting scandals among corporations in the US in the 1990s, SOX was enacted to â€Å"reform companies’ financial reporting processes, as well as the internal and external auditing of the financial reporting process† (Hilton, 2011). It’s very important that companies understand and comply with the rules laid out within this legislation, as the penalties for not doing so are severe. Top executives including the CEO and CFO can be held criminally responsible and go to prison if their company’s financial statements are fraudulent or misstate the firm’s financial condition. There are two sections within SOX that are of particular relevance – sections 302 and 404. Section 302 requires the signing officers of a company’s financial reports (such as the CEO and CFO) to establish, maintain, and monitor the effectiveness of internal controls over financial reporting. In other words, these executives are ultimately responsible for the accuracy of the company’s financial documents, and must disclose to the company’s auditors any weaknesses or changes in the company’s internal control system. Section 404 requires a company include an internal control report for financial reporting within its annual report. This internal control report must contain two key elements – a statement of managerial responsibility for establishing and maintaining an effective internal control structure for financial reporting, as well as an assessment of the effectiveness of the defined internal control structure. A4. Compliance In regard to CBI and its compliance with SOX, the company believes they are adequately addressing the requirements of the legislation. CBI’s internal audit stated that internal controls over financial reporting are accurate based on criteria set forth by the Committee of the Sponsoring Organizations of the Treadway Commission (COSO). However, the annual report issued by the auditors to the shareholders noted that the company’s internal control over financial reporting could lead to a possibility of a misstatement in the company’s annual or interim financial statements that would not be detected or corrected in a timely manner. This will be noticed by financial analysts and investors, and could affect the company’s stock prices as well as the increase the likelihood of close financial scrutiny and audits by the Public Company Accounting Oversight Board (PCAOB), whose mission is to â€Å"oversee and investigate the audits and auditors of public companies, and sanction both firms and individuals for violations of laws, rules, and regulations† (Hilton, 2011). A4a. Noncompliance Corrective Actions Based on this information, CBI should take immediate actions to ensure compliance with SOX, including reassessing and addressing weaknesses in their internal controls over financial reporting, possibly consulting with the Public Company Accounting Oversight Board to do so. When CBI’s annual report is published, it should include an internal control report with the elements noted in Section 404 (statement of managerial responsibility over financial reporting internal controls, and an assessment of the effectiveness of the defined internal structure). The statement should clearly state any and all corrective action taken to bring the company’s financial reporting into compliance with SOX regulations. The company’s auditors need to be able to vouch for the effectiveness of the implemented internal controls. RESOURCES Hilton, R. (2011). Managerial accounting: Creating value in a dynamic business environment (9th ed.). McGraw-Hill. Hardcover ISBN: 9780073526928. What is Horizontal Analysis? Definition and Meaning (n.d.). Retrieved from Business Dictionary: http://www.businessdictionary.com/definition/horizontal-analysis.html Definition of ‘Return on Total Assets – ROTA (n.d.). Retrieved from Investopedia: http://www.investopedia.com/terms/r/return_on_total_assets.asp

Overview Of Clintons Impeachment Proceedings Essay -- William Jeffers

An Overview of the Impeachment Proceedings of William J. Clinton The impeachment trial of President Clinton originated from a civil lawsuit filed in 1994 by Paula Jones. Jones alleged that in 1991 Governor Clinton asked a state trooper to bring her up to his room at Excelsior Hotel, where she alleged he dropped his trousers and asked her to "kiss it" (Chronology of the Paula Jones Case, BBC, January, 1998). The case made it to the Supreme Court because of the President's request to delay the trial until the end of his term. The Supreme Court ruled that the trial could proceed, and Jones' lawyers began their investigation. On December 5, 1997, "Jones' lawyers submitted a list of women that they would like to depose. Included on the list was the name Monica Lewinsky" (The Impeachment Trial of President William Clinton, UMKC online, Linder, 2005). In 1995, twenty-one year old Monica Lewinsky began an internship at the White House. Six months later, while assigned to the West Wing, Lewinsky began a sexual relationship with the President. This relationship involved several sexual encounters that spanned from the fall of 2005 to the beginning of 2007 (Starr Report, Sect. II, CNN online, 1998). Not long after, came the Supreme Court's decision to allow the Paula Jones case to continue. In January of 1998, Attorney General Janet Reno petitioned the three-judge panel in charge of Independent Counsel Kenneth Starr. The petition requested Starr's authorization to conduct an investigation on whether anyone had committed a federal crime regarding Paula Jones' sexual harassment lawsuit against President Clinton (Starr Speaks, Salon online, Starr, 1998, para.2). The Three Judge panel granted the petition filed by Attor... ... At the end of William J Clinton's presidency, although not impeached nor censured, he admitted to misleading testimony. Soon after this admission, in 2001, the Arkansas State Bar suspended his license to practice law for five years and fined him $25,000. A few months later, the Supreme Court also moved to suspend his license to practice law in front of the Supreme Court. Facing suspension, Former President Clinton resigned from the Supreme Court Bar. References: http://icreport.access.gpo.gov/hr611rh.txt http://www.lib.umich.edu/govdocs/impeach.html#hinquiry http://www.cnn.com/ALLPOLITICS/stories/1998/11/03/election/house/roundup/ http://leahy.senate.gov/press/199902/990211ext.html#I http://www.cnn.com/ALLPOLITICS/resources/1998/lewinsky/defense/ http://www.law.cornell.edu/background/impeach/censure.htm http://www.cnn.com/starr.report/

The Anniversary Party :: Personal Narrative Writing

The Anniversary Party By 1947, my grandfather had returned from World War II and married a French girl he had met while going to college at Emory University in Atlanta. This was my grandmother. He looks at her sometimes in their kitchen when we are down to visit and loudly claims to have known from the moment he saw her that she would be the woman he'd marry. My grandmother Geva, short for the lovely Genevieve, smiles and shakes her head and takes a coconut cake into the other room while she remembers the hot day in Georgia when she lost her French name - Bertat. Bertat, Bertat. That name - incredibly beautiful, with the little lilt at the end lifting it up. She remembers becoming "Mrs. Alexander" and then incorporating the name when they started the "ALEXANDER'S OFFICE SUPPLIES" stores in Milledgeville, Macon, and Dublin, Georgia, where they live. And she puts the coconut cake down where it goes, where it will sit to be nibbled at in times of boredom by the men she made it for, and she thinks on where she is now - fifty years she's been married to him. Their stores are all three going strong, and she is still working at the Dublin branch every day, including today, her 50th wedding anniversary. She is still as sharp as the ten thousand tacks she ordered for Macon this morning. We are down to visit and to celebrate this anniversary, this fairly amazing accomplishment of my grandparents. Their marriage has been full of love, and today their house is full of children and grandchildren. I am the oldest and long ago was dubbed "#1 Grandson" by my grandfather. My cousin Chris, a year younger than me, is "#2," my younger brother is "#3," and Chris's brother Scott is "#4." It's hardly a creative labeling system, but it works well when yelled from across the house if one of the dogs is bothering him or if anyone comes to the door. Chris has had a hard life and has made the lives of those around him hard as well. He is not in Dublin right now - he is in South Carolina at a military school, but he probably won't stay there long. He was kicked out of one school for breaking into their computer system and messing with their records. He is fairly a genius with anything mechanical or technological, the exact opposite of me and my brother, who throw up our hands like the prissy city-boys we are when Chris talks about taking apart hard drives or fixing cars.

Tax and Gearing

W22Extra: Tax and Gearing: More Questions Multiple Choice 1) Which of the following statements is false? A) In general, the gain to investors from the tax deductibility of interest payments is referred to as the interest tax shield. B) The interest tax shield is the additional amount that a firm would have paid in taxes if it did not have leverage. C) Because Corporations pay taxes on their profits after interest payments are deducted, interest expenses reduce the amount of corporate tax firms must pay. D) As Modigliani and Miller made clear in their original work, capital structure matters in perfect capital markets.Thus, if capital structure does not matter, then it must stem from a market imperfection. As Modigliani and Miller made clear in their original work, capital structure does not matter in perfect capital markets. Thus, if capital structure matters, then it must stem from a market imperfection. ————————— Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€ Rosewood Industries has EBIT of $450 million, interest expense of $175 million, and a corporate tax rate of 35%. 2) Rosewood's net income is closest to: A) $450 million B) $180 million C) $290 million D) $95 million Net income = (EBIT – Interest expense)(1 – ?C) = (450 – 175)(1 – . 35) = $178. 75 3) The total of Rosewood's net income and interest payments is closest to: A) $270 million B) $355 million C) $290 million D) $450 million Net income + Interest = (EBIT – Interest expense)(1 – ? C) = (450 – 175)(1 – . 35) = $178. 75 + $175 = $353. 73 4) If Rosewood had no interest expense, its net income would be closest to: A) $405 million B) $160 million C) $450 million D) $290 million Net income = (EBIT – Interest expense)(1 – ? C) = (450 – 0)(1 – . 35) = $292. 50 5) The amount of Rosewood's interest tax shield is closest to: A) $115 million B) $290 millionC) $175 million D) $60 million Interest tax shield = Interest expense(? C) = 175(. 35) = $61. 25 ——————————————————————————— Fly by Night Aviation (FBNA) expects to have net profit available for shareholders next year of ? 24 million and Free Cash Flow of ? 27 million. FBNA's marginal corporate tax rate is 40%. 6) Establish FBNA's EBIT A) ? 43 million B) ? 40 Million C) ? 45 million D) ? 60 million EBIT = NI + Taxes + Interest expense FCF = NI + Interest expense => 27 = 24 + interest expense = 3 (EBIT – Interest Expense)(1 – 0. ) = NI (EBIT – 3)(0. 6) = 24 (EBIT – 3) = 24/0. 6 = 40 EBIT = 40 + 3 = $43 7) IF FBNA increases leverage so that its interest expense rises by ? 1 million, then the amount its profit for shareholders will change is closest to: A) -? 400,000 B) -? 600,000 C) ? 400,000 D) ? 600,000 (EBIT – Interest Expense – chg IE)(1 – 0. 4) = NI + chg NI (- chg IE)(0. 6) = chg NI -1m (. 6) = -600,000 Or, -$1m (1 – . 4) = -$600,000 8) IF FBNA increases leverage so that its interest expense rises by ? 1 million, then the amount its Free Cash flow will change is closest to: A) -? 600,000 B) -? 400,000C) ? 600,000 D) ? 400,000 FCF = NI + Interest expense chg FCF = chg NI + chg Interest expense = – 600,000 + 1m = +400,000 Or, $1m (0. 4) = $400,000 ————————————————————————— LCMS Industries has ? 70 million in debt outstanding. The firm will pay only interest on this debt (the debt is perpetual). LCMS' marginal tax rate is 35% and the firm pays a rate of 8% inte rest on its debt. 9) LCMS' annual interest tax shield is closest to: A) ? 2. 8 million B) ? 2. 0 million C) ? 3. 6 million D) ? 5. 6 million Annual Tax shield= annual debt interest ? C = ? 70M ? 0. 08 ? .35 = 1. 96M 10) Assuming that the risk is the same as the loan, the present value of LCMS' interest tax shield is closest to: A) ? 45. 5 million B) ? 20. 0 million C) ? 24. 5 million D) ? 35. 0 million PV of Tax shield = debt ? ?C = ? 70M ? .35 = 24. 5M 11) Assuming that the risk of the tax shield is only 6% even though the loan pays 8%, then the present value of LCMS' interest tax shield is closest to: A) ? 24. 5 million B) ? 18 million C) ? 33. 0 million D) ? $20. 0 million PV of Tax shield = debt ? ?C ? rD / rD2 = $70M ? .35 ? .08/. 06 = 32. 67

The Role of Zoning in Urban Development

The Role of Zoning in Urban Development Introduction Zoning, as used in land utilization planning, involves designating permitted utilization of land depending on demarcated zones that distinguish one set of land utilization from another. The fundamental aim of zoning is to separate functions that cannot be harmonious and protect residential properties, as well as enterprises from developmental interference. It also protects the culture of a community.Advertising We will write a custom research paper sample on The Role of Zoning in Urban Development specifically for you for only $16.05 $11/page Learn More The institutions involved in the zoning process include the local authorities like municipal and county councils mostly though it varies with countries. For instance, in Australia, Commonwealth land is not under regulation by the state, in Germany and France; however, zoning is under the regulation of the national and federal government. In zoning, the ventures that the land can be put into are r egulated, and such ventures include residential uses, agricultural purposes, commercial and industrial ventures. The state authorities use zoning as a tool of regulating private property so as to enhance economic development and growth. The Zoning Process The first step in the zoning process is the application conference. This is a meeting called upon by the Department of Planning and Zoning staff, as well as other departments to determine their specific development requirements (Walters 45). The next step is where the proponent submits two filled application forms, availing all the supplemental information, a comprehensive site plan, and the necessary processing that is required. â€Å"Upon receipt of the application, the planning and zoning department notifies the applicant of discrepancies if any, within fifteen days: If there are no errors, and the threshold for submission requirements is met, the application goes to public hearing† (Burke 22). The public hearing takes pl ace before the Planning and Zoning Commission. During the public hearing, other interested parties present their views that may be in favor of the application or be against it. The Planning Commission then makes its decisions and recommendations which it forwards to the County Council. Appeals or protests may be submitted to the City Council regarding the decisions arrived at by the Planning Commission to be looked at.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The Planning Commission at this point is required to review the Site Development Plan jointly with the Department of Public Works, and Highways and Traffic Department as was submitted by the applicant. The plan is reviewed if it complies with the permit conditions. Bonds or escrows are established as a guarantee of improvements. Such improvements occur in the subdivision process and include water improvements, special landscaping and water detention improvements. After the initiation of the subdivision processing, the Zoning process is finalized. Importance of Zoning in Urban Development Zoning is a fundamental tool in any society that has its strategic plans to guide its growth and development. Zoning must be structured to adapt to the dynamic changes that occur in our lives and society at large. The various roles that zoning play in urban development include: Appropriate Designation of land Zoning regulations clearly define how land should be designated to various socio-economic activities of the region. This designation is aimed at avoiding conflicts between the various interested parties and the residents. Both land buyers and those who own land are able to know what to build and in which specific areas. For instance one is prohibited from building a factory within a residential area. The zoning laws give a clear definition of the residential zone, commercial zones, and the recreatio nal areas. Zoning is also important so as to avoid inconveniences and dangers posed to the residents occupying a certain area. For instance, a shopping mall inside a residential zone would result in traffic congestion; thus, posing danger to infants within such areas (Burke 36). As such, individuals must consider the regulations before erecting structures so as to avoid conflict with the law governing zoning. Ensure Easy Accessibility to Social Services Zoning sets aside specific areas to be utilized for road construction and other means of transport. The social services like sporting, drama services, public health services and security operations have their designated areas. The reservation of certain areas for social services enhances easy access to the services. The development of infrastructure also fastens transport and enhances mobility of people and services.Advertising We will write a custom research paper sample on The Role of Zoning in Urban Development specificall y for you for only $16.05 $11/page Learn More Each of these facilities also has their preferred operating environments; for instance, schools must be located in a quiet surrounding to promote a learning atmosphere. On the other hand, recreational facilities are located in the city centre where most people can access them. Well maintained roads are very convenient to the passengers and the motorists because of efficiency (Walters 43). Regulating the Use of Real Estates Several municipal and county councils have established regulations to govern the development of Real Estates within their areas of jurisdiction. These councils are subdivided into zoning districts that allocate specific areas to specific socio-economic activities. According to relevant sources, the zoning regulations that regulate the utilization of real property control their use in relation to specific boundaries at the industrial, commercial, as well as residential levels. The local council evaluat es the character of the property and its suitability for the particular purpose. The laws must be applied universally across the local council and not be applied selectively. These regulations may also dictate the kind of buildings to be built, the recommended height of buildings, the kind of accessory utilities to be constructed, and the amount of light that each building obstructs. An Important Tool for Planners Zoning is an exercise that involves the demarcation of a region into well defined functional areas. In connection, planners use zoning to determine population density and redistribute it whenever necessary if they appear to apply much stress on the available resources. The relocation policy may also be applied so as to promote equitable development because when people resettle elsewhere, there are chances of town centers emerging; thus, attracting investors. Planners also use zoning as a method of enhancing the social and economic developments in society. It is used to dis tribute the various economic activities across the region. For instance, most industries are located close to the source of raw material with an aim of reducing transport costs. Similarly, the service industry is mainly situated in the Central Business District where their demand is high and the people there have remarkable disposable income.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Protects Natural Resources of Farmland The main farm-land protection policies applied by most governments include zoning, taxation, right-to-farm legislation and acquisition of development rights. The tax policies have proved fruitless, as they raise the area affected by impermanence syndrome. The right-to-farm legislation is enacted to protect farmers against unnecessary complaints from nearby residents. Agricultural zoning is an instrumental way of protecting farmland in many countries. Under this plan, farmers are allowed to sell their development rights to the public, which provide them with more capital for investment purposes. On the contrary, some pessimists argue that the zoning results in public pressure where population growth rate is on an increase. Zoning also recognizes the existence of natural resources like mines. Mineral mines always have their land reserved for them even if it means the locals must be displaced. This is to ensure the safety of the citizens should a calamity occur at the mining site. The forest reserves are always situated depending on the prevailing weather conditions that can sustain the forests naturally. These reserves must be situated in zones that receive plenty of rainfall. In its planning, the local government must set prohibit settlement along the riverbanks. As such, there must be a defined perimeter from the river that people are not allowed to put up structures. The local government in its beautification program should set aside land for the beautification of the environment to give it an aesthetic value. Future Growth and Development The future considerations must be made in the zoning process. For instance in a developing nation, the zoning must take into account the possibility of expansion of the infrastructure, the upgrading of various slums, the emergence of other urban centers and deforestation to increase land available for industrial development. Enforcing Building Codes Building codes regulate the structur al properties of a building and its safety. These codes are very essential in the most sensitive buildings that the host key economic activities and various dignitaries. These codes also ensure the stability and durability of a building. The codes are quite dynamic and change depending on the technological advancements. Minimum Design Standards The minimum designed standards as established by professional bodies are meant to ensure that buildings have the necessary aesthetic value as per international standards. These standards are also applied to ensure there is harmony in the architectural structures of a certain segment. Adherence to the set standards ensures a continuous development of safe and certified structures. Connectivity Zoning is a very crucial tool in connection of various zonal areas. The various zones as partitioned act as integration points for the various people in society as they go to look for the services offered by each division. The streets and highways constr ucted act as avenues for meeting new people and getting to know each other. The recreational facilities that are designated to certain parts serve as meeting points for a diverse group of people. The constructed highways also facilitate the connectivity from one zone to another. Zoning Ordinances The main aim of zoning ordinances is to establish the recommended uses for land under the ordinance. It divides a region into different functional zones. The ordinances established should ensure sufficient light and air. They must also ensure easy access and safety from raging fire. They must take into account policies that make the building free from flooding and enhance the flow of traffic in the highways. The ordinances also ensure that public health standards are observed. They must strive to provide comfort to the public and promote proper morals and general society welfare. Analysis of Density Zoning is used to analyze density of every aspect of life ranging from human beings, animals , vegetation, geographical features and housing. The density of the population is more in the most industrialized areas since these industries provide jobs and thus a source of livelihood (Gabroit 65). The density of residential houses in higher in the outskirts of the city where the environment is quiet. The density of motor vehicles is higher in the dual carriage highways than the single carriage highways. The density of livestock is higher in the arid and semi-arid lands due to the pastoral communities that live in those areas. T he density of industries is higher in the industrial areas due to the zoning done by the government that designated those areas for industrial development. Zoning as Used in Design The design of various structures is influenced by the zoning policies put in place by the local government. For instance, houses of a particular design will be concentrated only in one region. The sky scrapers are mainly located at the city centers while residential apartments are situated in the residential zones. The design of roads is also largely determined by the economic activities it supports. Superhighways that serve cross-border transit services are well maintained and designed as compared to feeder roads (Burke 29). Encourage construction of affordable housing units Once the zoning process has allocated a particular subdivision for a specific purpose, it is possible for investors in the construction industry to invest in the construction of affordable housing for the middle and low income groups. This leads to the emergence of affordable apartments for the residents. Challenges Facing Zoning as a Development Tool Zoning has led to the segregation of business areas and residential areas. It has also separated social housing from private housing. This has promoted the emergence of slums and shanties. The city centers have also witnessed the aging of their buildings due to the segregation because a reducing number of people travel to the city cent re. Insecurity also poses a challenge as people travel in masses mostly in the evenings and the buglers may take advantage of such situations. Another form of challenge comes in the form of discrimination racial, ethnic, economic or gender-based. Within the residential areas, some special interest groups may prefer to live as a community on their own (Gabriot 78). Legislation Setbacks One of the major setbacks in the zoning process is the fact that ordinances assume that division of land is usually a signal of an upcoming development (Burke 34). As a consequence, prospective buyers of such land will make more demands for the community public utilities. Another setback is the fact that property that was acquired before an ordinance came into force can only be given the nonconformities status. Nonconformities This is a term used to refer to a zoned piece of land whose utilization existed before the new zoning rules were enacted (Burke 37). These uses may not conform to the new rules. The nonconformity may be based on usage, structural design and other legal requirements. Conclusion Zoning is a tool that the local and central governments can use to spur economic growth and development. It is also used to enhance socio-economic integration among people. However, the allocation of land for specific purposes has led to scarcity of land and congestion of activities in the designated areas, leading to lack of competition among businesses and limitation on the available space for expansion. It has also led to urban sprawl and the development of slums and shanties. Burke, Barlow. Understanding the Law of Zoning and Land Use Controls. South Melbourne: LexisNexis Press, 2002. Print. Gabroit, Pascaline. European New Towns: Images, Identities, Future Perspectives. Brussels: Editions Scientific Internationales, 2010. Print. Walters, David. Designing Community, Charrettes, Masterplans and Form-based  Codes. London: Thomson Learning, 2007. Print.

Essay Sample on Claude-Oscar Monet and His Techniques

Essay Sample on Claude-Oscar Monet and His Techniques Monet impressionism genre and technique was based on the major themes of 18th century which were naturalism tendencies emphasized with empiricism and the unity of culture, the comprehension of nature. Impressionism era strengthened the morality of artist in conviction that objectivity to reality was extended by pervasive impact of social and personal circumstances on perception of this reality and precise text interpretation was grasped only in the end of 19th century. The verbal explanations of art tendencies started on from 18th century socio-emotional situation define the choice of genres and techniques boundaries. Nostalgia for Nature dictated the emotional influence on artists personality to look for outdoors beauty while tendency contradiction was settling indoors so as modern beauty was mainly found in the house. A further advantage of being a studio artist made Monet easier to meditate indoors than outdoors: so the studio atmosphere helped Monet to invent a progressive kind of landscape picture. For instance, the painting Bathers a la Grenouillere is a distinct Monet tendency on coloristics of the palette.   Claude often divided his canvases half by half so that two plans of reality were joined by supposed horizon line. Two reality plans of the whole landscape were often exposed  Ã‚   by placing poplars or other trees above water, with their reflections on the depicted water. This method of designing Nature perspective helped Monet to define social component on the canvas. This were humans depicted on the edge of two plans crossing, the line of horizon. This evidently explains academic and practical understanding of realistic perspective space rendered by the artist on the surface of length and width fusion. The technique offered innovation in picture perception. The visual basis was determined by individual artistic view. Panorama as object is realistic referring to realistic dimensions, proportions and space progression but as subject it is extremely renewed. Monet pro vides the format of technique with content of intensive colors playing with contrast of green and red, black and white, spots of illuminated portions and shady masses of panoramic view. The effect of collage intrudes with the variety of color mixing. Adding of black and white colors to basis gives the impression of sun rays distribution on object. The reflection of the light on uneven surface brings the intensity of contrast. The shivering of water and leaves hustling are two main plans of black and white contrast. Sun light penetration on this very landscape is likely designed by impression of artist finding himself through the summer holiday. The third play of black and white was when these two contrasts were mixed into grey and added to basis. This is the plan of distant trees masses along the river. The illuminated spots of close lime-colored trees plan and distant intensively whitened blue and yellow reflections on river surface gives an impression of hot summer day with high level of moisture in the air. The plan of river-boats painted with much of green, navy and brown specializes the close distance and cover from sun penetration. The horizon line introduced with human figures gives us a clear view of artist on social situation of his time. The 18th century style clothing of two ladies walking in direction of illuminated trees masses and the group of three dressed in 19th century fashion tendency hidden from sunlight by foliage. The three are likely watching the kids having fun on the surface of warm waters of river. The rare intrusions of orange and red systemizes the division of summer and coming autumn. The technique of rude chaotic smear layers of color is explained by open-air, spontaneous painting. The Thames below Westminster is one of the famous serial of misty London landscapes paintings. The observation of architecturally gothic London drowned in overgrowing mass of fog impressed the artistic nature of Claude so that he felt secure inside this way of reality. The technique is exclusively recognizable. Smear effect of brush touch is preserved though a feeling of milky haze over the Houses of Parliament is explained by less contrast of black and white. The palette of the painting resides on balance of two main colors. Beige and grey balance creates the smooth texture of mist perception. Melancholic impression is supported by grey color adding. Coloristically the space of landscape interpreted by Claude is divided into three distance plans.   The furthest plan is presented by the fusion of beige and grey as basis of coloring the buildings of Westminster Abbey. This plan of reality coincides with horizon line of the panorama. The effect of mirage and mystery is generated simply of unclear silhouette and slight contrast of castles and bridge on the background of beige foggy mass. The plan of two barges suspended on the milky surface of Thames gives the intermediary plan which gives an impression of distance and space. Monet invites his usual method of mirroring two realities. The reflection of fog mass on river surface creates the impression of perfecting the harmonized version of Nature (performed by River and Sky), Art (Architecture) and Human element (Figures on wooden pier). The third plan is wooden pier with figures of men who likely are some type of dealers which supports the version that Monet impressions often include social element. Claude successfully manages to render the texture of materials in wood and concrete through the mild smear of brush. The pier is clearly made of wood and sidewalk on right hand is logically made of concrete which also specifies the contemporary time of artist. Claude Monet is not accidentally chosen as one of the pioneers of Impressionism period. His paintings are reasonably evaluated as socially and historically appreciated. The emotive content of Monet paintings underplays in the limits of brush technique and choice on color palette, balance and contrast while the social context is viewed through the objects described on canvas. This is a sample Art essay written from scratch by one of our academic writers. If you want to order a custom essay, research paper, term paper, thesis/dissertation on any topic contact us now and we will provide you with professional academic writing help.

Shakespeare in love Analysis Essays

Shakespeare in love Analysis Essays Shakespeare in love Analysis Paper Shakespeare in love Analysis Paper Essay Topic: Film Twelfth Night In this media assignment, I will be looking at and interpreting the film Shakespeare in Love. Although at first the film looks to be fairly normal, there are subtle things, which generally make it more appealing to us. The director needed to add these subtle things to make the film look and feel realistic, so that the audience would think the film was believable. I am going to write about what these subtle things are, and what their impact is on the audience as well as giving my thoughts on each. With nearly every point I make, you have to consider the film is intending to take us back in time to the 1590s, the time Elizabeth I was the queen. A lot of my points will refer to the time period, because it will be very important to the director to make the film believable. Because Shakespeare is such a famous person, most people who see the film will know he died a long time ago (in 1616 to be precise), which would mean that the audience would expect the film to be set in a different time period to match the time he lived in (that is, unless it has been purposely modernised, which in this case it hasnt). Tied into this, I think the opening sequence was discreetly meant to look old. Something that I noticed was that the opening credits (telling us the cast names etc.) were in black and white. I would associate black and white with the past, because in the earlier years of the 20th century, films used to be in black and white, before colour was introduced later on. This was as well as the font of the writing being in the font that we would associate with old England. Because the director did this, we get the impression that the film is set in the 16th century even before the film has begun. Its important to set the mood for a film in its first scenes, because it would be harder to persuade an audience to enjoy a film if they werent immediately drawn into it. The phrase: you dont get a second first impression suits my point because as with just about anything, most people will presume that all the film will follow the patterns of what we see in its first few minutes. There was only one thing that I thought was wrong with the opening sequence. Nothing else was happening when the opening credits were on, never mind any decent on screen action! Anything that was happening would have given us a taste of what was to come later on. Because there wasnt any action, it felt as if the director didnt care about giving us a taster and therefore didnt care that the only thing we could do during the credits was to get bored. However, I dont think that a good first impression would be good enough for an audience. I think this was why music seemed to be extremely important to the director as well. Not only was it frequently played, the instruments played suited the period Shakespeare in Love was set in. I dont recall hearing anything but string instruments which are associated with classical music. Also, the tempo, pitch, and loudness of the music are all very important. Whenever an important part of the film is on screen, we hear completely different types of music, even though the same instruments are used. For example, when Thomas Kemp was auditioning for the part of Romeo, background music gradually got louder. This was building up to the end of his audition, when the music seemed to explode so that it dominated all the films sound. The pitch also seemed to get higher. These combined create music that feels victorious and happy probably how Shakespeare felt at the time it was happening. It is hard to describe why the music felt this way, but the music seems to uplift our feelings, just as the pitch and volume got higher. I think the on screen action also reflects how we feel, because we can usually see the emotion being portrayed as the music is being played. This was also done in many other places, such as the scene where Shakespeare was running down the street with the first scene in his hand, and also when Thomas Kemp listens to Shakespeare reads a sonnet on stage realising (I think) that she wanted to be the part of Romeo in his play. This type of music was almost certainly used intentionally because of the numerous places it turned up in. Not only was there happy music, but also dramatic music. The tempo increased dramatically, and the pitch of the music was dropped slightly to get this feeling. This wasnt played in as many areas as with the happy music, but was still used quite frequently. The best example of this music was when Shakespeare was chasing Thomas Kemp through the streets, after their audition. However important this is to the director, the camera angles need to be just as good. We saw that on several occasions the level of the camera reflected the class system old England had. We could see this clearly at the very end of the film, when Romeo and Juliet was being performed because the common audience were at the bottom of the stage, whereas the royal box was overlooking the stage and directly above the 3rd class people. This showed us that the higher-class people were in the position that resembled their status higher up. We also saw something similar at the beginning of the film, when Henslowe was being tortured. We saw that the camera was looking up to Fennyman (the torturer), and down at Henslowe. I think this was because Fennyman was the person in control of his peers. This meant that Henslowe was (metaphorically speaking) looking up to Fennyman to try to gain his forgiveness as did the camera whenever Fennyman spoke. The techniques used with the camera were also fairly basic which isnt typical of a film at all! No advanced techniques were used in the film (such as zoom or fading), which I think was a fairly discreet thing to do, yet very effective for the people who notice it. I think the lack of modern techniques used represented the lack of technology that the people had in the 16th century. I really liked the techniques used, because they show us that the director seems to have really tried to make the film believable yet used a variety of different ways. These techniques may appeal to a more observant audience because they will get that little extra for the money they pay, whereas people who are less observant will probably be happy with the on-screen scenery and props; which only make the film look (and not feel) old. However, making the films set look old is still fairly important. This ties in with a previous point I made at the bottom of page one, regarding getting a first impression. If the audience were expecting a realistic film (which in this case they would be), they would not be impressed by a modern looking set in the first few minutes, as they should know that Shakespeare lived hundreds of years ago. The audience would then probably notice more of the modern things put into the film, rather than any old things (visible or otherwise). This would therefore lower peoples opinions of the film, before the main plots have even begun to unfold. Such obvious background features included the use of lighted candles to light an area, instead of electric light bulbs, particularly in pubic buildings. Also, rats were occasionally seen on screen with the most memorable time for me being when the young boy speaking to Shakespeare picked one up by its tail. These are fairly obvious examples, but are only used in the background. One physical feature that stood out were the characters clothes because they were always on screen and also because they were often unusual, making them stand out a lot of the time. However, the clothes didnt vary enough for my liking. Although they suited the time, they seemed to lack originality. The clothes of commoners were often dirty and generally looked old and worn, whereas the higher-class people wore the most bizarre outfits Ive ever seen particularly queen Elizabeth 1st with her top, which seemed to have grown wings! This wasnt enough for me because any director could have made actors in the mise-en-scene wear these types of clothes for an effect, so therefore the directors intentions for clothing lacked originality. Perhaps the director could have advised the clothing department to rip parts of the commoners clothes, and then sew them back together with a different coloured thread, that had no contrast at all, to emphasise how poor these people were. Also, the director could have distinguished Shakespeare to be in a particular class. This is because Shakespeare tended to fall in between class structures as far as his clothing was concerned as his clothes were neither old or worn, denoting a poor person, nor bizarre and extravagant, denoting a rich person. The only thing that impressed me with the clothing was that they usually made the important characters stand out. This was because Shakespeares clothes (among others) were a different colour to most other people. This was particularly effective in scenes where the mise-en-scene was similar to the main action. For example, in scenes where the mise-en-scene involved dancing, the unimportant dancers tended to wear burgundy and brownish colours, which were similar colours to the background, whereas Shakespeare wore a vibrant green shirt and hat. Although there was barely any change in the style of clothes, Shakespeare always stood out of the crowd. This was an excellent idea. This follows my earlier point in saying that the same classes wore similar clothes, which would potentially have been a big problem. This is because if it wasnt for the colour schemes, then there would have been no way Shakespeare could have stood out by wearing almost identical clothes. We can now see that colours may have had more of an effect than some people may think. This is because not only were the colours important in making important characters stand out, but they also discreetly helped the director make the film a love story The colours in the background tended to be shades of red. The colour is associated with love and passion which is probably why it seemed to me as if there was more of the colour red in passionate scenes. For example, in the close up scene of Shakespeare and Lady Viola undressing each other on the bed, the only thing we saw in the background were the closed curtains which were red. The other obvious place to me was in the dancing scenes (as Ive mentioned before). Everyone else who was dancing were mainly wearing red and burgundy colours which may have reflected the passion the people in the background had for their partners, as well as with Shakespeare and Viola. I think the colour use is very ambiguous. On one hand, we have the colour representation (red meaning love and passion, for example), whereas the on the other hand we have the use with making the main characters unique. I personally think that this is a good quality of a film, because it kills two birds with one stone. Then again, I can see why the ambiguity could be a bad thing as people may think that truly great directors could make characters unique, without making them physically different. This would mean ambiguity with the colours wouldnt be needed. On the other hand, colour would be less important to the director, compared with him showing that he could make a realistic film because I people world prefer a film that was to their taste, rather than to the tastes of a 16th century audience (after all, fashions do change with time). Because people back then would expect different things from the entertainment industry, the director would have to modernise the film to an extent, to make it more appealing for our generations, but without ruining the historical background from which it came from, to make the film believable. I have already mentioned about how the director had kept an old theme (e.g. with candles and basic camera-angles); but he had to change some things, such as the language used, so that we could understand what was being said on-screen. This is because people who find it hard to decipher text would find it difficult to translate what was being said into everyday English, never mind do it so that they could keep up with the plot at the same time! This is probably why the only character in the first few scenes that spoke old English frequently, was Shakespeare, who in the film was called Will. This was another way in which the film was modernised by making the name, William, relate to its modern equivalent. Although I say this, the director needs to keep some older English in the film, not only to make the film believable, but to also make Shakespeares sonnets feel in place when recited. We frequently saw Shakespeare recite sonnets, particularly if he and Viola were together. For example, Shakespeare recited the world-famous Oh Romeo, Oh Romeo, where for art thou, Romeo? scene with Viola (NOT Juliet) during the film. This wouldnt have looked in place if the scene were acted out in modern English, because such sonnets are renowned for having old English dialogue in them. For example, we dont recite the Oh Romeo scene in modern English, by saying something upon the lines of: Oi, Romeo, where are you? I think the modernisation was needed to suit a general audience, but I would have welcomed more old spoken English. For viewers in countries outside the UK, the lack of old spoken English makes the film a bad example of how our country used to speak. Alternatively, small details were used to make the film look realistic. Sometimes they were barely noticeable, yet they made a difference. They gave us a little extra information, which allowed the actors and scenery to look realistic. Some of these details included: Lighted candles; the use of a quill and ink instead of a pen, with ink stains surrounding the pots and paper; and the use of swords to fight, instead of guns. However, I saw even smaller details that (if noticed by the audience) would give a decent impact as well. These included: People with dirty fingernails, which shows how dirty Elizabethan England affected the population; the words Bought in Stratford-upon-Avon on Shakespeares cup; and the cock-a-doodle-doo sounds made by chickens, which woke up the town (instead of alarm clocks). These small details were good to include, but I cant help feeling that some were too hard to notice, unless you were looking specifically for them (like I was). I think the director shouldnt have included as many small details, and concentrated more on noticeable areas of the film, such as making the film believable by improving props and scenery, so they look like they were from the Elizabethan times not that they didnt look good enough in the film as we saw it. So my point is, perhaps the director should have cut out these smaller details, and concentrate harder on making more noticeable features, which would probably have made for a better film. The details of the film were accurate despite the plot being fictional. The film is allowing us to watch a possible way in which Romeo and Juliet could have been written but not what actually happened. The plot was constructed to resemble the plot in Romeo and Juliet with their feuding families, two star-crossed lovers, and the struggle they had to keep their relationship going. The plots were so similar we even saw cut scenes between the play being acted out, and the real-life plot developing together; possibly the only advanced technique used in the film. This happened mainly when Viola and Shakespeare were together and were passionate, reciting sonnets from Romeo and Juliet. The other place this happened was at the very end of the film, when Shakespeare was still very upset about Viola leaving the country with her husband-to-be. So much so, he wrote his next play, Twelfth night straight after she went. He made Viola the main character in the play, who ironically dresses up as a man, although this time it was her brother, Sebastian. The idea of having a muse for Shakespeare was a good idea, because it shows that Shakespeare also needs inspiration to write his extraordinary plays which would be uplifting for all budding writers, who hope to be able to write as well as him in the future. The ending didnt only do this, but also resembled the beginning of the play. In both, Shakespeare began to write the plays in completely different ways. At the start, Shakespeare didnt have his muse, but at the end he did and the differences between how he wrote them were huge. I remember that at the start, he was practising writing his signature, and that he also pointed to his head a lot (usually saying that he knew what he was going to write). I think that this was because he didnt know exactly who he was, and what his purpose in life was. He is trying to figure out in his head who he was, yet he wasnt definite enough to write it down and know he was right. The signatures probably show this as well; because they all seemed to be different, possibly portraying all the different people he was; trying to choose which one he wanted to live as. When he had discovered who he was, he wrote Twelfth night straight away showing us that his muse (Viola) was essential to the film. To conclude, I will give my overall opinion of the film. I think the film wasnt impeccable, yet it had all the qualities of a good film. It showed us that we dont have to look at physical details to pick every detail up, yet also gives us a variety of ways we can praise the film for its physical appearance. However, I would like to have seen a better link between the Shakespeare/Viola love story, and the Fennyman/Henslowe money problems to create more conflict. I would also liked to have seen more advanced techniques used even if it resembled the period the film was set in, the camera angles seemed to get repetitive after a while. For example, fading could have been used when flicking from a scene in the acted play, and the real-life goings on away from the theatre. This would have made the links between them more obvious, and it would also have told us when these links were intended to stop happening.